IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/36646.html
   My bibliography  Save this paper

Italy and development policies from the golden age to the current crisis: the role of the “nuovo meridionalismo”

Author

Listed:
  • Lepore, Amedeo

Abstract

The first aim of this paper on “L’Italia e le politiche di sviluppo dalla golden age alla crisi attuale: il ruolo del “nuovo meridionalismo” (Italy and its development policies from the golden age to the current crisis: the role of “nuovo meridionalismo”)” is to examine the state of the art concerning the strategies for the development of southern Italy. These strategies have been severely weakened, not only because of national policy choices, but also because of the prevailing cultural bias against Southern issues; this culture took hold even amongst those people of Southern Italy committed to “abolish the South”. Only in recent years has the trend been inverted, as the gap between the regions of Southern Italy and those in the Center and Northern areas has grown wider and wider and the attention has been focused back, at the national level, on an “open problem” such as the backwardness of Southern Italy. In order to perform an effective historical evaluation, this paper will reconsider the starting moment of the “nuovo meridionalismo”, when the birth of the SVIMEZ and the efforts carried out to define the industrialization strategies of the less developed area of our country gave life to a complex of unvaluable reforms, beginning with the extraordinary intervention and with the establishment of the Cassa per il Mezzogiorno. The positive turn impresses by this innovative setup of industrial policy had its roots in those development theories which, from the mid-XX° Century, began to bring the issue of “depressed areas” and of those cornerstone choices necessary to effectively tackle global problems. From them on, all the strategies for productive growth had to contend with defining the gap issue and the dual dynamics of several economies, as it is the (paradigm) case with Southern Italy. Upon the 150th anniversary of Italian unity, to effectively sum up all the main points of this paper, if one wants to meaningfully take on the lesson of “nuovo meridionalismo”, without invoking abstract reasons of social cohesion, a path must be detected. This path should be made of reciprocal interests between two areas: a Northern one and a Southern one; the latter has vast unproductive areas, but also creativity, talents and singe innovative experiences. Within this new and difficult context, the solution to the issues of Southern Italy, if accompanied by a profound conviction and commitment towards the need to stand up to global competition and market choices, can retake its role as a fundamental theme of the national economic policy, in order to benefit the rest of the country as well.

Suggested Citation

  • Lepore, Amedeo, 2011. "Italy and development policies from the golden age to the current crisis: the role of the “nuovo meridionalismo”," MPRA Paper 36646, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:36646
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/36646/1/MPRA_paper_36646.pdf
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    as
    1. Edwin J. Elton & Martin J. Gruber & Christopher R. Blake, 2011. "An Examination of Mutual Fund Timing Ability Using Monthly Holdings Data," Review of Finance, European Finance Association, vol. 16(3), pages 619-645.
    2. Michael C. Jensen, 1968. "The Performance Of Mutual Funds In The Period 1945–1964," Journal of Finance, American Finance Association, vol. 23(2), pages 389-416, May.
    3. Martijn Cremers & Antti Petajisto & Eric Zitzewitz, 2008. "Should Benchmark Indices Have Alpha? Revisiting Performance," Yale School of Management Working Papers amz2452, Yale School of Management, revised 26 Jan 2010.
    4. Huij, Joop & Verbeek, Marno, 2007. "Cross-sectional learning and short-run persistence in mutual fund performance," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 973-997, March.
    5. Henriksson, Roy D & Merton, Robert C, 1981. "On Market Timing and Investment Performance. II. Statistical Procedures for Evaluating Forecasting Skills," The Journal of Business, University of Chicago Press, vol. 54(4), pages 513-533, October.
    6. Khandani, Amir E. & Lo, Andrew W., 2011. "What happened to the quants in August 2007? Evidence from factors and transactions data," Journal of Financial Markets, Elsevier, vol. 14(1), pages 1-46, February.
    7. Laurent Barras & Olivier Scaillet & Russ Wermers, 2010. "False Discoveries in Mutual Fund Performance: Measuring Luck in Estimated Alphas," Journal of Finance, American Finance Association, vol. 65(1), pages 179-216, February.
    8. Elton, Edwin J, et al, 1993. "Efficiency with Costly Information: A Reinterpretation of Evidence from Managed Portfolios," Review of Financial Studies, Society for Financial Studies, vol. 6(1), pages 1-22.
    9. Brown, Stephen J & Goetzmann, William N, 1995. " Performance Persistence," Journal of Finance, American Finance Association, vol. 50(2), pages 679-698, June.
    10. Grinblatt, Mark & Titman, Sheridan, 1992. " The Persistence of Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 47(5), pages 1977-1984, December.
    11. Banegas, Ayelen & Gillen, Ben & Timmermann, Allan & Wermers, Russ, 2013. "The cross section of conditional mutual fund performance in European stock markets," Journal of Financial Economics, Elsevier, vol. 108(3), pages 699-726.
    12. K. J. Martijn Cremers & Antti Petajisto, 2009. "How Active Is Your Fund Manager? A New Measure That Predicts Performance," Review of Financial Studies, Society for Financial Studies, vol. 22(9), pages 3329-3365, September.
    13. Jan Annaert & Geert Van Campenhout, 2007. "Time Variation in Mutual Fund Style Exposures," Review of Finance, European Finance Association, vol. 11(4), pages 633-661.
    14. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    15. Nicolas P. B. Bollen, 2005. "Short-Term Persistence in Mutual Fund Performance," Review of Financial Studies, Society for Financial Studies, vol. 18(2), pages 569-597.
    16. Harry Mamaysky & Matthew Spiegel & Hong Zhang, 2008. "Estimating the Dynamics of Mutual Fund Alphas and Betas," Review of Financial Studies, Society for Financial Studies, vol. 21(1), pages 233-264, January.
    17. Martijn Cremers & Antti Petajisto, 2006. "How Active is Your Fund Manager? A New Measure That Predicts Performance," Yale School of Management Working Papers amz2370, Yale School of Management, revised 01 May 2009.
    18. Goetzmann, William N. & Ingersoll, Jonathan & Ivković, Zoran, 2000. "Monthly Measurement of Daily Timers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(03), pages 257-290, September.
    19. Grinblatt, Mark & Titman, Sheridan & Wermers, Russ, 1995. "Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior," American Economic Review, American Economic Association, vol. 85(5), pages 1088-1105, December.
    20. Marcin Kacperczyk & Stijn Van Nieuwerburgh & Laura Veldkamp, 2014. "Time-Varying Fund Manager Skill," Journal of Finance, American Finance Association, vol. 69(4), pages 1455-1484, August.
    21. Ferson, Wayne E & Schadt, Rudi W, 1996. " Measuring Fund Strategy and Performance in Changing Economic Conditions," Journal of Finance, American Finance Association, vol. 51(2), pages 425-461, June.
    22. George Comer, 2006. "Hybrid Mutual Funds and Market Timing Performance," The Journal of Business, University of Chicago Press, vol. 79(2), pages 771-798, March.
    23. Russ Wermers, 2011. "Performance Measurement of Mutual Funds, Hedge Funds, and Institutional Accounts," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 537-574, December.
    24. Wayne E. Ferson, 2010. "Investment Performance Evaluation," Annual Review of Financial Economics, Annual Reviews, vol. 2(1), pages 207-234, December.
    25. Robert Kosowski & Allan Timmermann & Russ Wermers & Hal White, 2006. "Can Mutual Fund "Stars" Really Pick Stocks? New Evidence from a Bootstrap Analysis," Journal of Finance, American Finance Association, vol. 61(6), pages 2551-2595, December.
    26. Jiang, Wei, 2003. "A nonparametric test of market timing," Journal of Empirical Finance, Elsevier, vol. 10(4), pages 399-425, September.
    27. Kosowski, Robert & Naik, Narayan Y. & Teo, Melvyn, 2007. "Do hedge funds deliver alpha? A Bayesian and bootstrap analysis," Journal of Financial Economics, Elsevier, vol. 84(1), pages 229-264, April.
    28. Henriksson, Roy D, 1984. "Market Timing and Mutual Fund Performance: An Empirical Investigation," The Journal of Business, University of Chicago Press, vol. 57(1), pages 73-96, January.
    29. Becker, Connie & Ferson, Wayne & Myers, David H. & Schill, Michael J., 1999. "Conditional market timing with benchmark investors," Journal of Financial Economics, Elsevier, vol. 52(1), pages 119-148, April.
    30. Jiang, George J. & Yao, Tong & Yu, Tong, 2007. "Do mutual funds time the market? Evidence from portfolio holdings," Journal of Financial Economics, Elsevier, vol. 86(3), pages 724-758, December.
    31. Sensoy, Berk A., 2009. "Performance evaluation and self-designated benchmark indexes in the mutual fund industry," Journal of Financial Economics, Elsevier, vol. 92(1), pages 25-39, April.
    32. Eugene F. Fama & Kenneth R. French, 2010. "Luck versus Skill in the Cross-Section of Mutual Fund Returns," Journal of Finance, American Finance Association, vol. 65(5), pages 1915-1947, October.
    33. Elton, Edwin J. & Gruber, Martin J. & Blake, Christopher R. & Krasny, Yoel & Ozelge, Sadi O., 2010. "The effect of holdings data frequency on conclusions about mutual fund behavior," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 912-922, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Nuovo meridionalismo; SVIMEZ; policies for development; Southern Question; industrialisaton;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • N00 - Economic History - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:36646. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.